X

Stocks End Lower After Drop in Price of Oil

A weak showing by IBM didn't help
By Newser Editors and Wire Services
Posted Apr 19, 2017 3:19 PM CDT

(Newser) – Stocks gave up an early gain and closed mostly lower after a sharp drop in the price of crude oil dragged energy companies down, the AP reports. A weak showing by IBM also weighed on technology stocks Wednesday and tugged the Dow Jones industrial average lower. IBM slumped 4.9% after reporting revenue that fell short of analysts' estimates. Among energy companies, Marathon Oil dropped 4.3% and Newfield Exploration sank 3.5%.

story continues below

The Standard & Poor's 500 index fell 4 points, or 0.2%, to 2,338. The Dow dropped 118 points, or 0.6%, to 20,404. The Nasdaq composite increased 13 points, or 0.2%, to 5,863. Bond prices fell. The yield on the 10-year Treasury rose to 2.21%. (Read more stock market stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
X